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作者：Rey, Patrick; Tirole, Jean
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：The paper analyzes the impact of price caps agreed upon by industry participants. Price caps, like mergers, allow firms to solve Cournot's multiple-marginalization problem, but unlike mergers, they do not stifle price competition in case of substitutes or facilitate foreclosure in case of complements. The paper first demonstrates this for nonrepeated interaction and general demand and cost functions. It then shows that allowing price caps has no impact on investment and entry in case of substi...
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作者：Zhou, Xiang; Xie, Yu
作者单位：Harvard University; Princeton University
摘要：We offer a propensity score perspective to interpret and analyze the marginal treatment effect (MTE). Specifically, we redefine MTE as the expected treatment effect conditional on the propensity score and a latent variable representing unobserved resistance to treatment. As with the original MTE, the redefined MTE can be used as a building block for constructing standard causal estimands. The weights associated with the new MTE, however, are simpler, more intuitive, and easier to compute. More...
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作者：Garcia-Marin, Alvaro; Voigtlander, Nico
作者单位：Universidad de Chile; Universidad de los Andes - Chile; University of California System; University of California Los Angeles; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：While there is strong evidence that more productive plants select into exporting, the literature has struggled to identify export-related efficiency gains within plants. We show that this is due to the common use of revenue-based productivity measures (TFPR): more efficient producers tend to charge lower prices, leading to a downward bias in TFPR. Using census panels of Chilean, Colombian, and Mexican manufacturing plants, we find sizable efficiency gains after export entry based on efficiency...
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作者：Lester, Benjamin; Shourideh, Ali; Venkateswaran, Venky; Zetlin-Jones, Ariel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Carnegie Mellon University; New York University
摘要：We incorporate a search-theoretic model of imperfect competition into a standard model of asymmetric information with unrestricted contracts. We characterize the unique equilibrium and use our characterization to explore the interaction between adverse selection, screening, and imperfect competition. We show that the relationship between an agent's type, the quantity he trades, and the price he pays is jointly determined by the severity of adverse selection and the concentration of market powe...
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作者：Eika, Lasse; Mogstad, Magne; Zafar, Basit
作者单位：Statistics Norway; University of Chicago; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
摘要：We use data from Denmark, Germany, Norway, the United Kingdom, and the United States to document the degree of educational assortative mating, how it evolves over time, and the extent to which it differs between countries. This descriptive analysis motivates and guides a decomposition analysis in which we quantify the contribution of various factors to the distribution of household income. We find that assortative mating accounts for a nonnegligible part of the cross-sectional inequality in ho...
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作者：Elliott, Matthew; Golub, Benjamin
作者单位：University of Cambridge; Harvard University
摘要：Suppose that agents can exert costly effort that creates nonrival, heterogeneous benefits for each other. At each possible outcome, a weighted, directed network describing marginal externalities is defined. We show that Pareto efficient outcomes are those at which the largest eigenvalue of the network is 1. An important set of efficient solutions-Lindahl outcomes-are characterized by contributions being proportional to agents' eigenvector centralities in the network. The outcomes we focus on a...
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作者：Galichon, Alfred; Kominers, Scott Duke; Weber, Simon
作者单位：New York University; Harvard University; National Bureau of Economic Research; University of York - UK
摘要：We introduce an empirical framework for models of matching with imperfectly transferable utility and unobserved heterogeneity in tastes. Our framework allows us to characterize matching equilibrium in a flexible way that includes as special cases fully and nontransferable utility models, collective models, and settings with taxes on transfers. We allow for the introduction of a general class of additive unobserved heterogeneity on agents' preferences. We show existence and uniqueness of an equ...
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作者：Gillen, Ben; Snowberg, Erik; Yariv, Leeat
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University; California Institute of Technology; University of British Columbia; National Bureau of Economic Research; Princeton University
摘要：Measurement error is ubiquitous in experimental work. It leads to imperfect statistical controls, attenuated estimated effects of elicited behaviors, and biased correlations between characteristics. We develop statistical techniques for handling experimental measurement error. These techniques are applied to data from the Caltech Cohort Study, which conducts repeated incentivized surveys of the Caltech student body. We replicate three classic experiments, demonstrating that results change subs...
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作者：Bernard, Andrew B.; Moxnes, Andreas; Saito, Yukiko U.
作者单位：Dartmouth College; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Oslo; Waseda University
摘要：This paper examines the importance of buyer-supplier relationships for firm performance. We develop a model in which firms outsource tasks and search for suppliers. Lower search and outsourcing costs lead firms to search more and find better suppliers, which in turn drives down marginal costs. We test the theory by exploiting the opening of a high-speed train line in Japan, which lowered the cost of passenger travel but left shipping costs unchanged. Using an exhaustive data set on firms' buye...
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作者：Acemoglu, Daron; Naidu, Suresh; Restrepo, Pascual; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); Columbia University; Boston University; University of Cambridge
摘要：We provide evidence that democracy has a positive effect on GDP per capita. Our dynamic panel strategy controls for country fixed effects and the rich dynamics of GDP, which otherwise confound the effect of democracy. To reduce measurement error, we introduce a new indicator of democracy that consolidates previous measures. Our baseline results show that democratizations increase GDP per capita by about 20 percent in the long run. We find similar effects using a propensity score reweighting st...
